Yup, classic action. Most pain overnight must have been on the short side. 6E at weekly lows yet ES holding up. If the 2 are still correlated which I believe they still are, we are in for some pain tomorrow. However, I will be very cautious adding any shorts today given the report tomorrow and not wanting to hold big position into it.
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ES Journal - 2012
- Thread starter Buy1Sell2
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Yup, classic action. Most pain overnight must have been on the short side. 6E at weekly lows yet ES holding up. If the 2 are still correlated which I believe they still are, we are in for some pain tomorrow. However, I will be very cautious adding any shorts today given the report tomorrow and not wanting to hold big position into it.
Add Draghi to the mix at 8:30est fireworks display.
Quote from sttrader:
Magic hand holding market above 1390-95 area which would be line in the sand till it breaks. 1420 or 1380 area...which will come first? Close below 1370 and advantage to the bears.
I see 1390 support but not sure where you are coming from on the 1370. I see 1380 and 1355 is key levels.
Quote from keeptradin':
Based on the little overnite rally we've had, I wouldn't be surprised if this is a "pump 'n dump" by the Big Boyz ahead of the reports. They have run it up to what appears to be pretty good R level, setting up perfectly for a big move down on any bad news.
Unemployment number: better than forecast. Labor Costs number: better than forecast. Market reaction: selloff. :eek:
Quite a head fake Da Boyz pulled there, with a little pop to shake out the shorts, then the selloff that they had been planning all morning. Gotta love it!!
Potential to bounce from here at 95,50, I think.
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